Question No 6 Chapter 2 – UNIMAX Class 12 Part 2 – 2021
Table of Contents
Koinal Chemicals Ltd, issued 15,00,000, 10% debenture of ₹ 50 each at premium of 10% payable as ₹ 20 on application and balance on allotment, debenture are redeemable at par after 6 years. All the money due on allotment was called up and received. Record necessary entries when premium money is included:
(1) Application money
(2) Allotment money
The solution of Question 6 Chapter 2 of +2 Part-2: –
Journal
Books of ‘S’ Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
| (i) | Premium including in app. Money | ||||
| Bank A/c | Dr. | 3,75,00,000 | |||
| To Debenture application A/c | 3,75,00,000 | ||||
| (Being application money received on 15,00,000 debenture @ ₹ 25 per debenture including premium ₹ 5 per debenture) | |||||
| Debenture Application A/c | Dr. | 3,75,00,000 | |||
| To Debenture A/c | 3,00,00,000 | ||||
| To Securities premium A/c | 75,00,000 | ||||
| (Being application money transferred to 10% debentures a/c and securities premium a/c) | |||||
| Debenture Allotment A/c | Dr. | 4,50,00,000 | |||
| To Debentures A/c | 4,50,00,000 | ||||
| (Being allotment money due on 15,00,000 debenture @ ₹ 30 per share) | |||||
| Bank A/c | Dr. | 4,50,00,000 | |||
| To Debenture allotment A/c | 4,50,00,000 | ||||
| (Being the allotment money received premium include in allotment money) | |||||
| (ii) | Premium include in allotment money | ||||
| Bank A/c | Dr. | 3,00,00,000 | |||
| To Debenture application A/c | 3,00,00,000 | ||||
| (Being application money received on 15,00,000 debenture @ ₹ 20 per debenture) | |||||
| Debenture application A/c | Dr. | 3,00,00,000 | |||
| To Debenture A/c | 3,00,00,000 | ||||
| (Being application money transferred to 10% debenture a/c) | |||||
| Debenture allotment A/c | Dr. | 5,25,00,000 | |||
| To Debenture A/c | 4,50,00,000 | ||||
| To Securities premium A/c | 75,00,000 | ||||
| (Being allotment money due on 1,50,000 debenture including premium of ₹ 5 per debenture) | |||||
| Bank A/c | Dr. | 5,25,00,000 | |||
| To Debenture allotment a/c | 5,25,00,000 | ||||
| (Being allotment money received) | |||||
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Share Capital: Meaning, Types, and Classes
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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